Group 1: Business Overview - The company operates in the bearing and abrasive tools industries, focusing on five main business segments: new materials, basic components, machine tools, high-end equipment, and supply chain management [2][3] - Special bearings and superhard materials are the primary sources of profit, with wind power bearings being the fastest-growing segment [2][3] Group 2: Bearing Business - The bearing business is divided into special bearings, wind power bearings, and precision machine tool bearings [3] - Special bearings are used in aerospace, military, and nuclear industries, with a domestic leading technology level [3] - Wind power bearings have seen significant growth, with the company developing the first domestic 8 MW, 18 MW, and the world's first 26 MW series main shaft bearings [3][4] - Precision machine tool bearings have shown stable development, mainly consisting of spindle bearings and ball screw bearings [3] Group 3: Abrasive Tools Business - The abrasive tools segment includes superhard material products, composite superhard materials, and diamond functional application products [3] - Superhard material products have a strong market competitive advantage, primarily serving the semiconductor, automotive, and optical industries [3][4] - Composite superhard materials focus on specialized fields like oil and gas drilling [3] - Diamond functional application products are being developed for major national projects and emerging industries, with significant potential for future breakthroughs [3] Group 4: Financial Performance - The revenue for the superhard tools business in 2024 is projected to be around 580 million yuan, with significant growth in semiconductor applications [4] - The wind power bearing business has a full order book, with substantial year-on-year growth expected [4] - The company holds a high market share in aerospace bearings, with over 90% of key products used in satellites and rockets [4]

Group 1: Brand Strategy - The brand Winona Baby will continue to focus on pediatric dermatology, specifically addressing infant eczema, and aims to provide comprehensive skincare solutions segmented by season, area, and age [3] - AOXMED will deepen its product matrix in 2025, targeting professional clinics and home care scenarios, with plans to launch new products based on anti-aging concepts [3] - The company has opened 179 new direct-operated stores by the end of last year, focusing on core business districts in first and second-tier cities [3] Group 2: Distribution Channels - As of last year, the OTC distribution channel has covered over 129,000 pharmacies nationwide [3] - The average transaction value on the OMO online sales platform exceeded RMB 1,500, demonstrating strong market penetration [3] Group 3: Technological Innovation - The company collaborates with 63 top-tier hospitals for clinical validation of Winona products, resulting in nearly 500 published academic papers and participation in the formulation of 68 group standards [4] - AI systems are utilized to enhance production speed and blockchain technology is employed to combat counterfeit products, ensuring consumer rights [4] - The company has established research centers in France and Japan and has received international innovation awards for its unique ingredients [4]

Financial Performance - In 2024, the company achieved total operating revenue of CNY 4.02 billion, a year-on-year increase of 0.73% [2] - Net profit attributable to shareholders reached CNY 1.58 billion, up 9.82% year-on-year, with a weighted average return on equity of 5.38%, an increase of 0.26 percentage points [2] - In Q1 2025, total operating revenue was CNY 1.28 billion, a 41.02% increase year-on-year, while net profit attributable to shareholders was CNY 605 million, up 71.56% [2] Industry Position - In 2024, the company ranked 30th in the industry by operating revenue and 26th by net profit according to the China Securities Association [2] - In Q1 2025, the company's net profit ranked 17th among listed securities companies [2] Strategic Focus - The company aims to build a new industrial financial ecosystem and enhance service quality through the "Five Major Articles" of financial work [3] - Emphasis on serving the real economy and enhancing service levels through technology and innovation [3] Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.92 per 10 shares, totaling CNY 371 million for 2024 [6] - The total expected cash dividend for 2024 is CNY 524 million, including mid-year distributions [6] Investment Banking Performance - In 2024, the company served as the lead underwriter for 4 refinancing projects with a total underwriting scale of CNY 1.43 billion [8] - The bond underwriting scale reached CNY 46.49 billion, a 55.87% increase year-on-year [8] Technology Investment - In 2024, the company invested CNY 256.22 million in information technology, focusing on system construction and operational expenses [9] - Plans to strengthen internal fintech development and create AI systems tailored to business needs [9] Shareholder Engagement - The company is actively implementing a share buyback plan as announced on April 9, 2025, with updates to be provided as the plan progresses [10] Future Outlook - The company aims to enhance operational resilience, decision-making support, and competitive business development while focusing on high-quality growth [11]

Group 1: Investor Relations Activities - The company conducted a specific object research activity on May 28, 2025, at its facility in Shanghai, attended by various investment firms and individual investors [3] - Key personnel from the company included the Chairman and General Manager, Mr. Wang Binhui, and the Vice General Manager and CFO, Mr. Xie Zhenhua [3] Group 2: Equipment and Supply Chain - The current international trade situation has minimal impact on the company's equipment procurement, with a well-established reserve of critical production equipment [4] - The company utilizes a range of foreign brands for precision machining equipment, including Mazak, DMG, Fanuc, Citizen, and TSUGAMI, covering all categories of turning and milling equipment [4] - Future plans include a gradual establishment of a composite supply chain system, focusing on domestic equipment technology upgrades [4] Group 3: Business Development Strategy - The company maintains a balanced approach to domestic and international sales, with both segments accounting for approximately 50% each [4] - Strategic growth areas include semiconductors, scientific instruments, medical devices, aerospace, and automotive sectors, with a focus on enhancing production efficiency and reducing costs [4][5] - The company is actively pursuing a global strategy, particularly in Europe, to enhance international competitiveness and operational efficiency [5] Group 4: Strategic Partnerships - In April 2024, the company established a strategic partnership with a specialized surface treatment supplier to enhance product quality and supply chain stability [5] - A dedicated production line was set up with the supplier, supported by experienced technical personnel from the company to ensure compliance with technical standards [5] Group 5: Technical Requirements Across Industries - The company’s components serve various downstream industries, each with distinct technical requirements: - Scientific instruments demand high precision, complex structures, and strict quality control [6] - Medical devices share similarities with scientific instruments but require rigorous testing and certification [6] - Transportation products necessitate high precision and complex processing capabilities for mass production [6] - Semiconductor equipment components require high precision, reliability, and stringent cleanliness standards [6]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on May 28, 2025, at the company's site in Guangzhou, attended by 33 participants from various investment firms [3] - The event was organized by GF Securities as part of the "Investors Zero Distance - Visiting Listed Companies on the Beijing Stock Exchange" series [4] Group 2: Core Technology and Market Position - The company focuses on "product and technology upgrades" as a key development strategy, leveraging IoT for micro, intelligent, and modular upgrades in sensor applications [4] - The company maintains a competitive edge by controlling the entire supply chain from basic materials to application systems in piezoelectric technology [4] Group 3: Customer Concentration and Market Diversification - The top five customers accounted for 35.20% of total sales in 2024, with individual contributions of 13.20%, 6.98%, 6.13%, 4.55%, and 4.35% [5] - The company operates across multiple sectors including smart automotive, smart home, and industrial control, mitigating risks associated with reliance on a single customer or industry [5] Group 4: R&D Investment and Product Development - The R&D expense ratio for 2024 was 8.33%, indicating a commitment to technology-driven growth [8] - Recent successful product launches include the AKⅡ vehicle-mounted ultrasonic sensor and various other sensors, achieving scale production [8] Group 5: Strategic Planning and Capacity Management - The company has established strategic reserves to mitigate the impact of raw material price fluctuations on gross margins [9] - Investments in Guangzhou for a new R&D center and manufacturing base are aligned with the company's 3-5 year strategic development plan [10] Group 6: Market Expansion and New Product Orders - The AKⅡ sensor has achieved mass delivery and meets safety requirements for AVP L2 and above autonomous driving levels, targeting new customer acquisition [11] - The multi-layer tactile feedback actuator has received bulk orders for applications in smart touch screens and other devices, with plans for phased capacity expansion based on market demand [12]

Group 1: Company Overview and Development - The company has maintained rapid and stable growth due to innovation-driven strategies, optimizing product structure, and achieving domestic substitution [2][3] - The company has expanded into overseas markets, establishing a presence in Europe, Southeast Asia, and North America, recognized by major clients for its equipment performance and service [2][3] Group 2: Product Offerings and Market Position - The company provides comprehensive solutions for the folding screen supply chain, establishing itself as a leading player in the related niche market [4] - In the VR/AR/MR display sector, the company has developed equipment for various production processes and has partnered with top international clients [5] - The company focuses on semiconductor equipment, particularly in chip packaging and testing, with plans to enhance its R&D investment in this area [6] Group 3: Technological Advancements - The company has launched several products in the Mini/Micro LED display field, including sorting, expansion, and transfer equipment [7] - Continuous innovation efforts are aimed at breaking technical barriers and enhancing product offerings in emerging display technologies [5] Group 4: Strategic Growth and M&A Considerations - The company is actively seeking opportunities for mergers and acquisitions to integrate quality resources, aligning with regulatory support for industry consolidation [8]

Group 1: Company Performance and Strategy - The company is focusing on digital transformation towards intelligentization, emphasizing AI chips, computing power, big data, and industry applications to enhance overall value [3][5][7]. - The company has experienced consecutive years of losses, prompting management to implement specific measures to achieve profitability and restore investor confidence [3][4][6]. - In 2024, the company's R&D investment was 181 million, a decrease of 15.92% year-on-year, raising concerns about balancing R&D input and output [6][7]. Group 2: Investor Relations and Communication - The management is committed to addressing investor concerns and providing transparent communication regarding company strategies and performance [4][5][6]. - The company has established strategic partnerships with well-known enterprises and is recognized in the RF IP field, indicating a strong market position [4][5]. - The management reassured investors that the company is on track to meet its operational goals and will continue to disclose relevant information as required [7][8]. Group 3: Future Outlook and Recommendations - The company aims to enhance its core competitiveness by closely monitoring industry trends and adjusting its strategic positioning accordingly [5][6]. - There is a call for the company to consider divesting unprofitable assets and acquiring quality companies to improve financial performance [6][7]. - Investors expressed hope for the company to collaborate with major tech firms like Huawei and Alibaba to boost its visibility and growth [7][8].

Group 1: Company Overview and Business Focus - The company is a key provider of products and solutions in the information and communication sector, focusing on "products + solutions + services" strategy [2] - The main business lines include smart meetings, smart wiring, and smart lighting, with a commitment to innovation and industry transformation [3] Group 2: 2025 Development Plans - In 2025, the company aims to strengthen its core business and expand into emerging markets, particularly in central enterprises, finance, and healthcare sectors [3] - The company plans to enhance its technological innovation and improve management levels to achieve high-quality development [4] Group 3: Research and Development Investments - The company will focus on R&D in three core areas: smart meetings, smart wiring, and smart lighting, with an expected 8 key projects [4] - As of May 2025, the company has applied for 4 new patents, including 3 invention patents [4] Group 4: Core Competencies - The company's core competencies include market marketing ability, product competitiveness, and brand influence [5] - It has over 20 years of experience in the smart meeting field and is recognized for its high-quality products in smart wiring and lighting [5] Group 5: Smart Meeting Business Development - The smart meeting business includes four core areas: meeting space integration, video conferencing, service and operation, and industry incubation [6] - The company has received multiple awards for its smart meeting products and aims to deepen cooperation with major clients in 2025 [6] Group 6: Smart Wiring Business Advantages - The smart wiring segment is led by the subsidiary Putian Tianji, focusing on high-end integrated wiring and building intelligence solutions [7] - The company has been recognized as a "specialized and innovative small giant" and has maintained a leading position in the domestic market for 20 consecutive years [7] Group 7: Smart Lighting Business Outlook - The smart lighting business is expected to grow significantly due to the national "dual carbon" strategy and the rapid development of IoT technologies [8] - The company has successfully implemented overseas smart lighting projects and continues to innovate in this field [8] Group 8: Major Asset Restructuring - In 2024, the company completed a major asset restructuring with a transaction amount of 106.83 million yuan, enhancing its focus on core business and improving asset quality [9] - The restructuring is expected to strengthen the company's core competitiveness and support high-quality development [9]

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 28, 2025, via an online platform [3]. - Key attendees included the General Manager, Financial Officer, and Board Secretary of the company [3]. Group 2: Inventory and Production Management - Inventory turnover efficiency is affected by market demand fluctuations, and the company has a robust production management system to adjust project schedules dynamically [4]. - The capacity expansion plan aligns with regional market demand, considering local policy support and supply chain conditions for new production sites [4]. Group 3: Technological Development and R&D Investment - The company focuses on three main R&D directions: flexible manufacturing, intelligent systems, and large/heavy automation products [6]. - As of the end of 2024, the company holds 217 authorized patents, including 96 invention patents, establishing a strong technical barrier [6]. Group 4: Market Position and Financial Performance - In 2024, the automotive sector accounted for nearly 80% of the company's revenue, with approximately 23% from new energy vehicle-related businesses [10]. - The company reported revenue growth in 2024 but faced net profit losses due to lower-than-expected gross margins and increased operational costs [14]. Group 5: Strategic Responses to Market Challenges - The company employs a dynamic balance strategy between profit reinvestment and shareholder returns, adjusting based on industry cycles [7]. - To address competitive pressures, the company emphasizes customized solutions and continuous technological innovation to enhance customer loyalty [14]. Group 6: Supply Chain and Production Stability - The localization strategy for the supply chain has not significantly impacted production stability, supported by a multi-layer verification system for core components [11]. - The company has successfully transformed collaborative projects with universities and research institutions into practical production capabilities [6]. Group 7: Industry Trends and Future Outlook - The company anticipates that the 2024 initiative by the Ministry of Industry and Information Technology will promote the digital transformation and intelligent upgrade of the manufacturing sector [10]. - The company is committed to enhancing its capabilities in flexible, large-scale, and intelligent manufacturing to meet evolving market demands [13].

Group 1: Investor Relations Activities - The company conducted a specific investor survey and media interviews on May 29, 2025, attended by representatives from Galaxy Securities, Rongxian Huijin Fund, and China Securities Journal [3][4] Group 2: Sales and Market Performance - The overseas market sales have remained stable this year, with the portable pneumatic massage system receiving widespread attention and positive feedback from global customers [4] - The company plans to enhance the market promotion of the compression boots, leveraging existing sales channels in the massage gun sector [4] Group 3: Product Innovation and Development - Future product innovation strategies include increased investment in "medical + consumer" resources and a focus on rehabilitation medical technology [5] - The company aims to develop more products suitable for the elderly, addressing the growing health needs of this demographic [5] Group 4: Profitability and Product Structure - The gross margin for rehabilitation medical products is 47.86%, while rehabilitation technology products have a gross margin of 37.11%, indicating room for improvement [6] - The company is actively developing new products to enrich its product line [6] Group 5: Investment Projects and Production Capacity - The Chengdu Intelligent Manufacturing Production Base is on track for completion, expected to be accepted in July 2025, which will enhance production capacity and efficiency [7] - The introduction of advanced production equipment and automated lines will lower production costs and improve overall profitability [7] Group 6: Research and Development - R&D expenses are determined by various factors, including company strategy and market demand, rather than a fixed threshold [9] - New products such as the medium-frequency therapy device and portable oxygen machine have received regulatory approval, while others are in development [9]